<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on September 7, 2018 - September 13, 2018</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Penang Port Sdn Bhd (PPSB), an indirect wholly-owned subsidiary of MMC Corp Bhd, has acquired a 60% stake in Swettenham Pier Cruise Terminal Sdn Bhd (SPCTSB) for RM6 cash.</p></div>

<div class=newsTextDataWrapInner><p>The remaining 40% of equity interest in SPCTSB is held by RCL Development Holdings (Penang) Sdn Bhd, an indirect wholly-owned unit of Royal Caribbean Cruises Ltd.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>In a filing with Bursa Malaysia yesterday, MMC said SPCTSB was incorporated on July 17 to develop and operate the Swettenham Pier Cruise Terminal in Penang.</p></div>

<div class=newsTextDataWrapInner><p>“The acquisition is not expected to have any material effect on the group’s earnings, net assets and gearing for the financial year ending Dec 31, 2018,” said MMC.</p></div>

<div class=newsTextDataWrapInner><p>Bernama reported yesterday that Penang Port and RCL had signed a joint-venture agreement to redevelop the Swettenham Pier Cruise Terminal to accommodate larger ships.</p></div>

<div class=newsTextDataWrapInner><p>The redevelopment will see the Swettenham Pier Cruise Terminal’s existing 400m berth extended by 220m and the addition of a 118m long dolphin, the report said.</p></div>

<div class=newsTextDataWrapInner><p>Various news reports had stated that the pier would be upgraded by the parties at a cost of RM155 million.</p></div>

<div class=newsTextDataWrapInner><p>MMC shares closed unchanged at RM1.36 yesterday, with a market capitalisation of RM4.1 billion.</p></div>


KUALA LUMPUR: Penang Port Sdn Bhd (PPSB), an indirect wholly-owned subsidiary of MMC Corp Bhd, has acquired a 60% stake in Swettenham Pier Cruise Terminal Sdn Bhd (SPCTSB) for RM6 cash.

The remaining 40% of equity interest in SPCTSB is held by RCL Development Holdings (Penang) Sdn Bhd, ...

MMC, Royal Caribbean to manage Penang cruise terminal

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<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.</p>


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<p>Auditing firm HLB Ler Lum Chew said on Friday that a special notice for a resolution to remove the firm as the external auditor of Smile-Link Healthcare Global Bhd (KL:SMILE) had been immediately retracted, and that is the reason why the firm had not made any written representation on the matter</p>


<p>Gateway Development Alliance (GDA), the consortium proposing to privatise Malaysia Airports Holdings Bhd (MAHB) (KL:AIRPORT), said it is maintaining its offer of RM11 per share, after&nbsp;the airport operator’s independent directors reommended shareholders to reject the offer.</p>


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<p>Here’s a quick look at some of the stories that made headlines today.</p>


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<p>The Galen Centre for Health and Social Policy says urgent reforms are needed to address the root causes of healthcare inflation in Malaysia.</p>

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<p>ECA Integrated Solution Bhd (KL:ECA) has proposed to expand its presence in China by investing in automated equipment manufacturer Suzhou Thryda Co Ltd (Thryda).</p>


<p>Tourism Malaysia felicitated India’s travel industry players for their role in promoting the destination, as arrivals from India reached a new record.</p>

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<p>The S&amp;P 500 and the Nasdaq dipped on Friday as fears over high interest rates next year loomed, although a cooler-than-expected inflation report kept losses in check.</p>


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<p>The US$10.4 trillion (RM46.82 trillion) US exchange-traded fund (ETF) industry’s blockbuster year comes with an asterisk: even amid record inflows and launches, funds are shuttering at a nearly unprecedented clip.&nbsp;</p>


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<p>US consumer spending increased in November, underscoring the economy's enduring strength, which prompted the Federal Reserve this week to project fewer interest rate cuts in 2025 than it had three months ago.</p>
